Benefits of Hiring a Transaction Coordinator
It’s a big decision to work with a transaction coordinator. If you ask us, it’s the most important decision one can make to find the greatest success for your real estate business. Once you’ve decided to take the plunge, it’s time to decide if an in-house transaction coordinator is the right way to go, or if you would be better suited for outsourcing a transaction coordinator. Let’s weigh the pros and cons of an independent transaction coordinator as well as the pros and cons for hiring an in-house transaction coordinator.
Outsourcing Transaction Coordinator Pros & Cons
When you move, we move with you. It’s the biggest pro when working with an independent transaction coordinator. You’ve created a solid relationship with your TC, why would you want to lose that when you move from one real estate office to another? Keep your successful team together, no matter which realtor office you land in. It gives a realtor a sense of freedom to follow the path that makes the most sense for your career.
Additional PROS for Hiring a Transaction Coordinator Service
You save time: there won’t be a need to pay to list the job, or go through the interview process, and you can skip the new hire onboarding & training
You save money: you won’t need to spend time training, which takes you away from business building. You’ll also save on having a full-time employee that requires benefits, and other business expenses.
You will get more of a customer service experience. Independent TC’s typically make sure they have help when they need it or hire more TC’s for their business as customer service is important to them.
You get more experience. Typically Independent Transaction Coordinators have at least 2 years of experience which is important for your business. They are also usually up to date on all the new forms and new laws that may impact your transaction.
CONS for Hiring an Independent Transaction Coordinator
Although we don’t think there are any cons to outsourcing your Transaction Coordinator, others may feel differently. One of the only real cons for outsourcing a TC: the real estate agent won’t be able to train the transaction coordinator to do things a specific way. Independent TCs have their own proven systems in place that have served them well for years.
Hiring an In-house Transaction Coordinator Pros & Cons
Bringing in an in-house real estate Transaction Coordinator allows the real estate agents to influence the transaction management systems their TCs use.
Other in-house TC benefits include:
A large real estate office will have a set budget spend with an in-house TC compared to the unknown “pay-per-transaction” costs an independent real estate TC can cost.
Stellar communication between agents and transaction coordinators, as they’re all in the same office and create a relationship beyond “the work”.
CONS for Hiring an In-house TC
Where there are pros, there are always cons in work situations. Unfortunately, hiring in-house can cause a few problems for a real estate agency:
If business is slow, you still have to pay an in-house TC.
Turnover happens more often with in-house TCs, because they are often tasked with work not in their desired job role or they are overworked. Unhappy employees leave.
They may not have as much experience. Many TC’s start as in-house (you have to start somewhere) but this can lead to risk for you if the correct documents are not used based on the transaction. An in-house TC may not be experienced enough.
It’s just a job versus a career. Many in-house TC’s have a job mentality and thus shows in their work ethic.
Ready to Work with an Independent Transaction Coordinator
Be Happy TC wants to work with your real estate office and your real estate agents. When you’re ready to work with an independent real estate transaction coordinator, we look forward to answering any questions you may have before signing on with our expert team.
